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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Breaks 100 SMA: Here’s Why It Could Rally 5%-10%

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price remained well bid above $11,400 and it broke the key $11,600 barrier against the US Dollar. BTC is now trading above the 100 hourly SMA and it could continue to grind higher.

  • Bitcoin is back in a positive zone above the $11,500 and $11,600 resistance levels.
  • The price settled nicely above the 100 hourly SMA, opening the doors for a push to $12,000.
  • There was a break above a key bearish trend line with resistance near $11,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain 5%-10% as long as it is above the 100 hourly simple moving average.

Bitcoin Price is Gaining Momentum

Yesterday, we discussed the importance of the 100 hourly simple moving average and $11,600 for the next bitcoin rally against the US Dollar. BTC remained well bid above the $11,400 level and it managed to settle above $11,500.

As a result, there was a crucial upside break above the $11,600 resistance and the 100 hourly simple moving average. There was also a break above a key bearish trend line with resistance near $11,560 on the hourly chart of the BTC/USD pair.

The pair even climbed above the $11,800 level and traded as high as $11,852. It is currently correcting gains and trading below $11,800. Bitcoin tested the 23.6% Fib retracement level of the recent upward move from the $11,272 low to $11,852 high.

Bitcoin Price

Bitcoin price trades above $11,650. Source: TradingView.com

On the downside, there is a strong support forming near the $11,650 level and the 100 hourly SMA. The next major support is near the $11,550 level or the 50% Fib retracement level of the recent upward move from the $11,272 low to $11,852 high.

On the upside, there is a short-term resistance near the $11,850 level. A successful close above the $11,850 level might open the doors for a push towards $12,000 or even $12,200 in the near term.

Another Failure in BTC?

If bitcoin fails to clear the $11,850 resistance or the $12,000 barrier, there could be a downside correction. The main support is now forming near the $11,550 level.

If there is a downside break below the $11,550 support, the price could extend its decline towards the $11,200 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now back above the 50 level.

Major Support Levels – $11,650, followed by $11,550.

Major Resistance Levels – $11,850, $12,000 and $12,200.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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